Coastr secures £1.4m in seed investment via GroVentive to scale its vehicle rental platform.
The London-based investment platform GroVentive backed the round to support the firm's expansion plans.
Coastr provides a digital platform for independent vehicle rental businesses to manage operations and offer contactless services. The company operates from offices in Edinburgh and Bangalore.
Coastr has raised £1.4m in a seed round facilitated by the London investment platform GroVentive. The funds will support the company as it expands its technology infrastructure and pursues growth across the UK and European markets.
Formally known as Nuvven, Coastr supplies a cloud-based management platform that helps independent car hire businesses digitise their operations through telematics, artificial intelligence and keyless entry features. The firm has doubled its headcount to 35 employees over the past year and opened a second office in Bangalore to scale its technology teams.
From the founder
"Our vision is to enable vehicle hire operators and help the end customer cut through queues and paperwork to avail a seamless rental experience that is suited for the 21st century."
Biswajit Kundu Roy
CEO and Founder at Coastr
Investor perspective
"We are excited to have provided such significant investment into an extremely exciting business and we are looking forward to supporting Biswajit and his team on their high-growth plans over the next few years."
Bruno Pannetier
Chief Investment Officer, GroVentive
Use of funds
- 01Build out infrastructure
- 02Grow the team
- 03Expand into international markets